German business sentiment slumped in June as headwinds from looming natural gas shortages and soaring prices crimped confidence, prompting analysts to boost the odds that Europe’s biggest economy will be rocked by stagflation. The closely-watched Ifo business climate index, released on June 24, showed a slump in its current conditions gauge and sharp drop in…
US Home Sales Drop as Median Prices Surpass $400,000 for First Time
U.S. home sales fell for the fourth consecutive month in May, as high demand continues to drive up real estate prices to unprecedented highs, according to new data from the National Association of Realtors. The Association released its monthly report on Tuesday, reflecting the unusual dynamics of the real estate market this summer. The report reveals…
A Profit Recession Is Brewing That’ll Be the ‘Worst in 50 Years’, Expert Predicts
June 23, 2022
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Business & MarketsCompaniesearnings forecasteconomyinflationInvestmentMarketspersonal financeprofit recessionrecessionUSUS News
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As Americans grow concerned that the U.S. economy could tip into a full-blown recession, one expert says evidence suggests that U.S. corporations will soon be hammered by a profit recession of their own as many have been unable to pass soaring input costs along to inflation-weary consumers and will have to scale back their earnings…
Russia May Cut Off Gas Completely, Europe Must Act Now: IEA
June 22, 2022
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Business & MarketscommoditiescrisisenergyEUEuropeGasIEAInvestmentMarketsRussiaRussia-Ukraine WarsanctionUkraineWorld
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BRUSSELS—Russia may cut off gas to Europe entirely as it seeks to bolster its political leverage amid the Ukraine crisis, the head of the International Energy Agency (IEA) said on Wednesday, adding Europe needed to prepare now. “I wouldn’t rule out Russia continuing to find different issues here and there and continuing to find excuses…
Growing Inflation and Rising Interest Rates Will Make a Recession More Likely: Deutsche Bank Officials
Western economies in Europe and the United States are facing a greater likelihood of recession as their central banks aggressively tighten monetary policy to combat inflation, according to Deutsche Bank CEO Christian Sewing in a June 24 interview on CNBC. In the week of June 13, the U.S. Federal Reserve, European Central Bank, Swiss National Bank, and Bank of…
Australian Manufacturing Industry in Toughest Period in 50 Years: Survey
June 21, 2022
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Andrew McKellarAustraliaAustralian Chamber of Commerce and IndustryBusiness & MarketseconomyInvestmentWorld
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A new survey has indicated that Australian manufacturers are in the most turbulent period in 50 years due to supply chain problems and inflating costs. However, they also benefit from strong demand for commodities. The industrial trends research by the Australian Chamber of Commerce and Industry (ACCI) and Westpac bank found that the manufacturing sector…
Nuclear Industry Looking to New Reactors to Expand Output
June 21, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyInvestmentnuclear industrynuclear power plantsPoliticsUSUS News
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The U.S. nuclear industry is now looking to almost double its output over the next 30 years as older reactors retire, according to the Nuclear Energy Institute (NEI), the industry’s trade association. Utility members of the institute estimate that they could add 90 gigawatts of nuclear power to the U.S. grid. The bulk of this…
Kellogg Breaking Up Into 3 Separate Companies, Shares Jump
Kellogg has announced plans to split up into three separate companies by spinning off its North American cereal and plant-based businesses in hopes of enhancing “performance and value.” The Michigan-based Kellogg Company said in a statement Tuesday that its board has approved a plan to divide its business into three independent public companies, “each better…
Musk Says Unresolved Issues Remain Over Twitter Deal
June 21, 2022
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Business & MarketsCompaniesdealeconomyElon MuskInvestmentMarketsMedia & Big TechSocial MediaTechTwitterUSUS News
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Billionaire tech mogul Elon Musk said Tuesday there remain several unresolved matters with his bid to buy Twitter, including the coming together of the debt part of the transaction, the outcome of a shareholder vote, and the number of spam users on the platform. Musk, who has offered to buy Twitter in a transaction worth around…
Twitter Board Unanimously Urges Shareholders to Approve Musk’s Buyout Offer
Twitter’s board has issued a unanimous recommendation that shareholders approve Elon Musk’s $44 billion bid to buy the social media platform, regulatory filings show. In a preliminary proxy statement filed with the Securities and Exchange Commission (SEC) on June 21 addressed to Twitter stockholders (pdf), the company’s board says it “unanimously recommends” that shareholders vote…
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